Wholesale prices for businesses grew 9.8 percent from the previous year, according to a new Producer Price Index (PPI) report from the Department of Labor. Ways and Means Republican Leader Rep. Kevin Brady (R-TX) issued the following statement:

“Due to a shrinking economy under President Biden and slower demand for fuel, wholesale price inflation dipped below double digits last month, but Main Street businesses are still being crushed.

“This will get worse with Manchin-Biden tax hikes heading into a recession, which will translate into higher prices for consumers.

“Worse, Treasury’s own recent guidance makes clear these small businesses are absolutely first in line for new IRS audits—just as they’re trying to stay afloat.”

READ: Brady: Do Americans Trust the Same Democrats Who Drove U.S. Into a Recession?